President Biden will 'let members of Congress' decide whether they should be allowed to trade stocks, amid scrutiny of lawmakers’ financial trades, White House press secretary Jen Psaki said Tuesday.
Lawmakers' spouses are currently allowed to trade in companies or industries that their partner may help regulate. But under the STOCK Act, which was passed in 2012, members of Congress and their families are forbidden to profit from inside information, and lawmakers are also required to report stock trades to Congress within 45 days.
The push to ban Congress from trading stock has been met with bipartisan support in both chambers. Similar legislation has been introduced in the House of Representatives.
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